Which loan is right for me?
| Loan Program | Advantages | Disadvantages |
Fixed Rate Mortgages
- 30 year fixed
- 15 year fixed
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- Monthly payments are fixed over the life of the loan
- Interest rate does not change
- Protected if rates go up
- Can refinance if rates go down
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- Higher interest rate
- Higher mortgage payments
- Rate does not drop if interest rates improve
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| Loan Program | Advantages | Disadvantages |
| First Time Buyer Programs |
- Lower down payment
- Easier to qualify
- Lower rates may be available
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- May be subject to income and property value limitations
- Some government subsidized programs may generate a recapture tax if you sell the house too soon
- Education courses may be required to qualify for these loans
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| Loan Program | Advantages | Disadvantages |
| Stated Income Programs |
- Don't need to verify income
- Faster approval
- Good for borrowers who may not qualify with a full income documentation program
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- Higher rates
- Higher down payment
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| Loan Program | Advantages | Disadvantages |
| No point, No fee Programs |
- No out-of-pocket loan costs at closing
- Closing costs are paid from the lender rebate
- Less money required to close
- Refinance without increasing your loan amount
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- Higher rates
- Higher payments
- Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you
- Some require a prepayment penalty for the first one to five years
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| Loan Program | Advantages | Disadvantages |
| Home Equity Line of Credit |
- You only borrow what you need
- Pay interest only on what you borrow
- Flexible access to funds
- Interest may be tax deductible
- May be free of closing costs
- A good source for an emergency fund, if set up in advance
- Can be used for debt consolidation and lower payments
- Rates are usually lower than consumer loan or credit card rates
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- Rates can change. The maximum interest rate can be relatively high
- Payments can change
- Harder to refinance your first mortgage
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| Loan Program | Advantages | Disadvantages |
| Home Equity Fixed Loan |
- Fixed payments
- Interest may be tax deductible
- Get cash out for any purpose
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- Higher interest rates compared to first mortgage
- Harder to refinance your first mortgage
- Interest is paid on the entire loan amount, compared to an equity line of credit
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In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:
- Purchase your home with no down payment using Private Mortgage Insurance (PMI) or Lender-paid Mortgage Insurance (MI).
- Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments by using Lender-paid MI.
- Debt consolidation programs.
- Home Improvement loans.
- You may qualify even if you've been turned down before!
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